NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Japan's Saving Rate: New Data and Reflections

Fumio Hayashi

NBER Working Paper No. 3205
Issued in December 1989
NBER Program(s):   PR

This paper examines available evidence on Japan's wealth accumulation. Time-series evidence over the last one hundred years indicates that the phenomenon of extraordinarily high Japanese saving rate ia limited to the high-growth era of 1965-1975. Micro evidence about consumption and aaving by age can be more easily explained by the dynasty model than by the lifecycle hypothesis. The infinite horizon neoclassical growth model, while capable of generating the hump in the saving rate and explaining why it was preceded by the rapid GNP growth in the post-war period, leaves unanswered the question of why wealth accumulation in pre-war Japan was so slow. Perhaps growth in pre-war Japan was hampered by harmful effects of misguided government policies.

download in pdf format
   (278 K)

email paper

This paper is available as PDF (278 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w3205

Published: Chapter 10 in F. Hayashi, Understanding Saving: Evidence from the U.S. and Japan, MIT Press, 1997.

Users who downloaded this paper also downloaded these:
Hayashi Why Is Japan's Saving Rate So Apparently High?
Dekle and Summers w3690 Japan's High Saving Rate Reaffirmed
Horioka, Suzuki, and Hatta w13273 Aging, Saving, and Public Pensions in Japan
Horioka w12351 The Dissaving of the Aged Revisited: The Case of Japan
Hayashi w3836 Measuring Depreciation For Japan: Rejoinder to Dekle and Summers
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us